'It must become faceless, just as the entire direct tax assessment system has already become fully online, without any human intervention in the normal course,' recommends A K Bhattacharya.
The Supreme Court of India has reprimanded the central government for failing to implement a cashless treatment scheme for road accident victims. The court expressed its concern over the delay in formulating the scheme, which is designed to provide immediate medical care to accident victims within the crucial "golden hour." The court highlighted that despite a statutory provision requiring the scheme's implementation, the government has not taken any action, prompting the court to intervene. The court also criticized the General Insurance Council (GIC) for raising objections to the scheme and delaying its implementation. The court has now directed the government to notify the scheme within a week and has scheduled a hearing on the matter for May 13.
For long-term financial security, millennials must not only provide social security for their young families but also ensure that their financial burdens are not passed down to their families, says Casparus Kromhout.
It will help in reducing the turnaround time.
General insurance companies are likely to see a surge in demand for health insurance in the coming months due to falling air quality in the country. The health insurance segment has registered a strong growth after the pandemic due to higher awareness. In the first half of financial year 2023-24, the segment grew by 24.4 per cent to Rs 54,713.52 crore from Rs 43,981.54 crore in H1FY23, driving growth of the non-life insurance industry.
Section 45, which says no claim can be rejected after three years of a policy being in force, remains a bone of contention
The move to expand the health insurance scheme's coverage comes at a time when several hospitals have complained of delays in reimbursement related to the procedures performed under the scheme.
Do you have health insurance/mediclaim queries? Rakesh Kaul, chief distribution officer, Edelweiss General Insurance, will answer your queries.
Messaging app Telegram has taken decisive action against bots that were reported for sharing sensitive data related to Star Health and Allied Insurance Company, and is actively keeping an eye on their re-emergence, a company statement said. "The bots reported to Telegram for sharing Star Health data were immediately removed and moderators are monitoring to prevent them from being recreated. "The sharing of private information on Telegram is expressly forbidden and such content is deleted whenever it is found," the statement said.
Insurance companies may soon face goods and services tax (GST) audits as tax authorities plan a "deep dive" into their business practices to check for the possibility of a raft of tax-linked irregularities. Several insurance companies are being probed for wrongly availing of the input tax credit without the underlying supply of goods and services based on fake invoices generated by their channel partners and intermediaries. "We want to deep dive into the overall business and see if there are further taxation issues besides commissions, which are already being investigated," a senior official of the Central Board of Indirect Taxes and Customs said.
If your flight is cancelled or delayed or you miss one, a travel insurance policy can cover the costs at such times and help you book a new one.
The coverage for coronavirus infection will be available from day one of the infection in all the health insurance policies, says Amit Chhabra.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
'The scale and depth of talent here plays a central role in core software product engineering for some of the biggest brands in tech.'
The biggest surprise for customers, at the time of claiming, is the fact that they will get only depreciated value of the product.
Master the online ITR filing process and then learn the differences between the old and new tax regimes to pick your best option.
TDS on health insurance claim payments reimbursed to hospitals should be NIL
Travel insurance policies do not generally cover adventurous or sporting activities such as bungee jumping, paragliding, mountain climbing, or white water rafting, which fall under hazardous activities.
Under 'Claims Guarantee' the company guarantees to pay claims within 12 working days of receipt of all required death claim documents from the nominee or claimant, provided full premium is paid by the policyholder for at least three policy years and the required claim application documents are submitted.
Buying an insurance policy? Claim Settlement Ratio helps you find out the chance that your claim will be settled and how soon it will be setled.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
'We are expected to grow at above 28 per cent this year, higher than the industry.'
'It is good for us if the JMM contests. That will divide the Opposition and give us the upper hand.'
Buy from an established agent rather than a novice who may not be around when you need his assistance.
Read the fine print and avoid potential losses, says Naval Goel
If you have questions related to online insurance frauds, then Piyush Ranjan, chief technology officer, Coverfox Insurance, will answer your queries.
Keep a check on the waiting period and exclusions while buying a health insurance plan and see if it fits your requirements.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
With the regulator changing the claims processing rules, policyholders can now settle their claims quicker and keep premium costs lower.
Reliance General Insurance Company (RGIC), a subsidiary of Reliance Capital, finds itself in a bind as the Directorate General of GST Intelligence (DGGI) has issued multiple Show Cause Notices (SCNs) amounting to Rs 922.6 crore. This development comes at a time when Reliance Capital is currently undergoing a debt resolution under the National Company Law Tribunal (NCLT) process in which the Hinduja group has emerged the winner. The Hinduja acquisition is currently awaiting the Supreme Court's approval after the Torrent group, the winner of the first round, challenged the second auction conducted by the lenders of Reliance Capital.
Insurance policies stipulate a time frame for lodging a claim after the incident of loss.
Oil and Natural Gas Corporation has received Rs 864 crore (Rs 8.64 billion) in final settlement of an insurance claim for the oil facility at Mumbai High that was gutted in a fire in July 2005.
As soon as general insurers are freed from the shackles of standard products, they could offer a motor insurance policy that provides for settlement of full claims amount without any deductions for depreciation as per the current practice.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH insurance and AUTO insurance.
Many high-profile IPOs in India since 2021 have destroyed investor wealth due to overvaluation, weak business models, and post-listing disinterest, turning 1 lakh investments into as little as 3,500.
To plug claims mismanagement, the Insurance Regulatory and Development Authority of India (Irdai) is bringing reforms in the mediclaim segment.
A person who has cancer and doesn't have any health insurance will find it difficult to buy a regular hospitalisation cover. An indemnity-based cancer plan may cover them.
2.75 million of the 3 million Covid-related health claims were settled.
Several computers, laptops, window glasses and furniture were damaged in the vandalism, an official at Koregaon police station said.
Think again. Not filing could cost you. Here's who must file, who should, and why it matters. What's more, the deadline to file your ITR has been extended till September 15, 2025
